Still a Long Way to Go, but Gas Prices Continue Decline

Average retail gasoline prices in New York have fallen 2.6 cents per gallon in the past week, averaging $3.51/g Monday, according to GasBuddy’s daily survey of 6,118 gas outlets in New York. This compares with the national average that has fallen 5.4 cents per gallon in the last week to $3.20/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in New York during the past week, prices yesterday were 48.0 cents per gallon lower than the same day one year ago and are 11.1 cents per gallon lower than a month ago. The national average has decreased 17.4 cents per gallon during the last month and stands 26.7 cents per gallon lower than this day one year ago.

“Gas prices across many communities are now the lowest since they’ve been since the Libryan crisis in February of 2011. Nearly 15 percent of all stations in the U.S. are now selling gasoline under the psychologically important $3/gal level,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “Last year on this date saw just 1 percent of stations selling under that level, so motorists aren’t doing too shabby. States that saw the largest declines last week were Montana, Ohio, and Indiana, all where prices declined at least 15 cents per gallon. Several stations in Tulsa, Oklahoma, which features the cheapest gas in the U.S. are selling at a mere $2.45/gallon, a number so low that had you said that just six weeks ago, motorists would have been shaking their heads in disbelief. Prices nationally could drop to as little as $3.05 a gallon by Christmas,” DeHaan said.